Ovintiv (NYSE:OVV) Given New $58.00 Price Target at Mizuho

Ovintiv (NYSE:OVV) had its price objective dropped by Mizuho from $60.00 to $58.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Mizuho’s price objective points to a potential upside of 37.70% from the company’s current price.

A number of other research firms also recently issued reports on OVV. Truist Financial decreased their target price on shares of Ovintiv from $62.00 to $47.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Bank of America reaffirmed a “neutral” rating and issued a $55.00 price target on shares of Ovintiv in a research note on Friday, June 14th. Evercore ISI reduced their price objective on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a report on Monday, September 30th. Wells Fargo & Company reduced their price target on shares of Ovintiv from $51.00 to $42.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 1st. Finally, Scotiabank upped their price target on Ovintiv from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a research note on Friday, July 12th. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Ovintiv currently has an average rating of “Moderate Buy” and a consensus target price of $57.67.

Ovintiv Stock Up 0.7 %

OVV stock opened at $42.12 on Wednesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44. Ovintiv has a 1-year low of $36.90 and a 1-year high of $55.95. The stock has a market capitalization of $11.10 billion, a P/E ratio of 5.88, a P/E/G ratio of 7.75 and a beta of 2.61. The business has a fifty day moving average price of $41.50 and a 200-day moving average price of $46.72.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.02. The firm had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.53 billion. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. Equities analysts forecast that Ovintiv will post 4.98 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. American National Bank acquired a new stake in Ovintiv in the first quarter valued at about $27,000. Innealta Capital LLC purchased a new position in shares of Ovintiv in the second quarter valued at $39,000. Geneos Wealth Management Inc. raised its stake in shares of Ovintiv by 53.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after buying an additional 300 shares during the last quarter. UMB Bank n.a. boosted its position in shares of Ovintiv by 27.7% in the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after buying an additional 286 shares in the last quarter. Finally, Creekmur Asset Management LLC acquired a new stake in Ovintiv in the 4th quarter valued at about $68,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.

About Ovintiv

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.